CHINA’S services sector activity slumped to its weakest level in more than two years in April, a private-sector survey showed Thursday.

The Caixin services purchasing managers’ index (PMI) fell to 36.2 in April, the lowest since February 2020 and the second-lowest since the survey begun in November 2005.

That was down from 42 in March, Caixin and S&P Global said in a statement Thursday.

The index hit 26.5 in February 2020 during the onset of the COVID-19 pandemic, representing the biggest contraction in activity on record.

The 50-point mark separates growth from contraction on a monthly basis.

The pessimistic findings from the Caixin survey, which focuses more on small companies in China’s coastal regions, are in line with the government’s official PMI, which tracks larger companies and includes the construction sector.

The services sector that accounts for about 60% of China’s economy and half of its urban jobs.

‌(SD-Agencies)